No Extra ACA Costs Means More Money in Americans’ Pockets
SAN DIEGO–(BUSINESS WIRE)–
For the first time, Americans will need to report their health insurance
status on their 2014 tax return. With TurboTax®,
the nation’s leading tax preparation service from Intuit Inc.
(Nasdaq:INTU), taxpayers can easily and accurately meet the new
Affordable Care Act (ACA) requirements. Unlike some other tax services,
TurboTax includes all necessary health care forms in its products for
“People should spend their health care dollars on ways to stay healthy,
not on paperwork. They should never have to pay extra fees to complete
ACA-related forms,” said Sasan Goodarzi, general manager of Intuit’s
Consumer Tax Group. “We are doing what we have always done: making taxes
simple so millions of taxpayers can prepare and file their own taxes
easily and accurately, and get their maximum refund as quickly as
TurboTax delivers a highly-customized experience that guides taxpayers
through their taxes and health care reporting based on their unique
Insured: For the nine out of 10 Americans who were insured in
2014 through their employer, Medicare, Medicaid, VA, TRICARE, or any
other qualified coverage, reporting health care on their taxes with
TurboTax will be as simple as checking a box.
Those covered through a Health Insurance Marketplace: People
who purchased a plan through a Marketplace will get the new Form
1095-A in the mail, showing details of insurance coverage and will
report this information in TurboTax, just like they would enter their
W-2 information. Those who chose to receive a tax credit subsidy in
advance to help pay monthly insurance premiums will need to reconcile
their health care premium tax credit based on their actual income in
2014. TurboTax walks them step-by-step through the process and
automatically calculates how this affects their tax return.
People who are exempt from the ACA penalty: More than half of
the estimated 40 million Americans who are uninsured may be exempt
from the ACA penalty for non-coverage. But more than 19 out of 20
people who could have the penalty waived have not applied for an
exemption, which means many people may pay more in taxes than they
should. TurboTax handles the exemption process for all users, and in
most cases, the penalty can be waived on the tax return rather than
requiring a separate application.
Uninsured Americans: Those who do not qualify for one of the
approximately 30 exemptions will face a tax
penalty. TurboTax automatically calculates the charge. TurboTax
estimates that the average tax penalty for this year will be 1,
increasing to 8 next year. TurboTax connects people to health
insurance resources to help them reduce potential ACA penalties in the
TurboTax Health Care Resources
TurboTax offers the following resources to further help taxpayers
navigate the new health care law:
people determine eligibility for healthcare subsidies and enrollment
in health coverage that can help them avoid future tax penalties for
Provides a description of how TurboTax handles ACA requirements and
how to start the tax filing process.
TurboTax Exemption Check:
A one-of-a-kind, free online tool that helps people determine if they
qualify for an exemption from ACA penalties and assists in submitting
their application if needed.
Resources in partnership with Enroll
eHealth: Provides further information about health care choices
and helps people determine if they are eligible for free or
reduced-cost health insurance in 2015. TurboTax has partnered with
Enroll America and eHealth so that consumers can make the best health
insurance choices for themselves and their families with online or
in-person assistance available.
Free help by phone: TurboTax tax experts, all CPAs and enrolled
agents, are available by phone to most TurboTax Online and mobile
customers at no additional charge.
About Intuit Inc.
Intuit Inc. creates business and
financial management solutions that simplify the business of life for
small businesses, consumers and accounting professionals. Its flagship
products and services include QuickBooks®,
Quicken® and TurboTax®,
which make it easier to manage small
businesses and payroll
processing, personal finance,
and tax preparation and filing.
Mint.com provides a fresh, easy and
intelligent way for people to manage their money, while Demandforce®
offers marketing and communication tools for small businesses. ProSeries®
and Lacerte® are Intuit’s
leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of .5 billion in its fiscal year
2014. The company has approximately 8,000 employees with major offices
in the United States, Canada,
the United Kingdom, India
and other locations. More information can be found at www.intuit.com.
Source: Intuit Inc.
Debra Hammer, 858-215-7568